Visa's stock jumps after profit and sales rise above expectations

Shares of Visa Inc.
V, +0.96%
climbed 1.1% in premarket trade Wednesday, after the credit card company reported fiscal fourth-quarter profit and revenue that rose above expectations. Net income for the quarter to Sept. 30 increased to $2.14 billion, or 90 cents per Class A share, from $1.93 billion, or 79 cents in the same period a year ago. The FactSet consensus for earnings per share was 85 cents. Revenue rose to $4.86 billion from $4.26 billion, beating the FactSet consensus of $4.63 billion, as service and data processing revenue both grew above expectations. For fiscal 2018, the company expects net revenue growth in the "high single digits" percentage range, while the FactSet consensus of $19.92 billion is 8.5% above 2017 revenue of $18.36 billion. The stock has run up 39% year to date through Tuesday, while the Dow Jones Industrial Average
DJIA, +0.35%
has gained 19%.

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